Akani Properties, a Black-owned property developer in South Africa, is investing 600 million rand ($42 million) to develop and refurbish malls in the country.
“As long-term investors, we have taken a long-term view on South Africa’s economic recovery. We are also at an advanced stage of developing more shopping malls around the country as we seek to boost our portfolio of retail properties,” Akani managing director, Zamani Letjane, said.
Akani Properties is set to invest 370 million rand ($26 million) in constructing the Autumn Leaf Mall in Zeerust in the Ramotshere Moiloa Municipality and 228 million rand ($16 million) towards upgrading its Glen Village Mall in Pretoria East.
The property development, management and investment company say that the 20 thousand square-metre shopping mall in Zeerust will open its doors in September 2022, while the full refurbishment and extension of the Glen Village Mall is expected to be complete by November 2022.
According to News24, Zeerust is a transit town between South Africa and Botswana and is one of the growth areas in South Africa’s North West province.
Akani Properties also recently developed the Radisson Destiny Hotel and Conference Centre, which opened in South Africa’s Kempton Park last October. South African president Cyril Ramaphosa was on hand to deliver remarks at its opening.